Sky Gold Shines Bright Q2 FY24 Witnesses 713% Surge in PAT

PNN
New Delhi [India], November 20: Sky Gold Limited (BSE Code: 541967, NSE: SKYGOLD), one of the leading jewellery companies based in Mumbai reported unaudited Financial Results for the Q2 FY24.
Key Consolidated Financial Highlights:
Q2 FY24:
* Total Revenue Stands at Rs 396.86 Crore in Q2 FY24 Vs Rs 304.11 Crore in Q2 FY23, Growth of 30.50%
* EBITDA Stands at Rs 16.14 Crore in Q2 FY24 Vs Rs 4.77 Crore in Q2 FY23, Growth of 238.42%
* EBITDA Margin Stands at 4.07% in Q2 FY24 Vs 1.57% in Q2 FY23, Growth of 250 Bps
* PAT Stands at Rs 7.27 Crore in Q2 FY24 Vs Rs 0.89 Crore in Q2 FY23, Growth of 712.91%
* PAT Margin Stands at 1.83% in Q2 FY24 Vs 0.29% in Q2 FY23, Growth of 154 Bps
* EPS Stands at Rs 6.76 in Q2 FY24 Vs Rs 0.83 in Q2 FY23, Growth of 714.46%
H1 FY24:
* Total Revenue Stands at Rs 773.38 Crore in H1 FY24 Vs Rs 617.05 Crore in H1 FY23, Growth of 25.33%
* EBITDA Stands at Rs 35.60 Crore in H1 FY24 Vs Rs 13.08 Crore in H1 FY23, Growth of 172.06%
* EBITDA Margin Stands at 4.60% in H1 FY24 Vs 2.12% in H1 FY23, Growth of 248 Bps
* PAT Stands at Rs 17.94 Crore in H1 FY24 Vs Rs 6.18 Crore in H1 FY23, Growth of 190.10%
* PAT Margin Stands at 2.32% in H1 FY24 Vs 1.00% in H1 FY23, Growth of 132 Bps
* EPS Stands at Rs 16.70 in H1 FY24 Vs Rs 5.76 in H1 FY23, Growth of 714.46%
Speaking on the occasion Mangesh Chauhan, Managing Director and Chief Financial Officer of Sky Gold Limited said "During the eventful Q2 FY24, Sky Gold Limited successfully transitioned to our new 81,000 Sqft manufacturing facility in Navi Mumbai from 18,000 sqft facility in Mulund, boasting a processing capacity to 750 Kg of gold per month. Our Q2 performance has been highly encouraging, evident in our robust financial results. We're particularly pleased with the growth in revenue and profitability, accompanied by notable improvements in margins at both the EBITDA and PAT levels. These positive outcomes are attributed to enhanced operational efficiency.
The move to our new facility has opened avenues for margin improvement, thanks to its state-of-the-art features, including the latest filtration equipment that aids in minimizing gold loss during the production process. In a strategic move for future expansion, we secured Rs99.14 Crore through preferential allotment from prominent investors such as Ashish Kacholia, Bengal Finance & Investments Private Limited, and 16 other investors.
Looking ahead to the remainder of FY24 and beyond, we are optimistic about leveraging our recent expansion, successful fundraise, strong market demand, and the commitment of our capable team. We are well-positioned to seize opportunities and deliver sustained growth."
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